National

Changes to minimum tax to add $2.6 billion over five years for feds: PBO

Darpan News Desk The Canadian Press, 07 Sep, 2023 10:57 AM

The parliamentary budget officer says the federal government's proposed changes to the alternative minimum tax will generate an additional $2.6 billion in revenue over five years.

The tax aims to ensure high-income earners and trusts don't pay disproportionately less in taxes than other taxpayers.

The Liberal government proposed in the 2023 budget changes to the alternative minimum tax so that the highest income earners pay the greatest share of the revenue generated from the tax.

The changes, which come into effect in January 2024, would increase the minimum tax from 15 per cent to 20.5 per cent.

At the same time, it would increase the amount that is excluded from the calculation from $40,000 to $173,000.

While the budget watchdog finds the changes will lead to the highest-income earners paying the largest share, it does not find that to be the case with trusts.

Prev Next

MORE National ARTICLES

Surrey, B.C., to get policing answer by spring

Surrey Mayor Brenda Locke tabled the city's draft five-year budget last week forecasting a 17.5 per cent property tax increase for this year, with 9.5 per cent of that being costs towards the police transition.

Surrey, B.C., to get policing answer by spring

B.C. adds $180 million to natural disaster fund

The ministry says the government's Community Emergency Preparedness Fund has previously supported projects that include a dike in Merritt, public cooling infrastructure in Victoria and tsunami evacuation planning in Tofino.

B.C. adds $180 million to natural disaster fund

Canada welcomes record 226,450 Indian students in 2022

India was closely followed by China and the Philippines with 52,165 and 23,380 students, respectively. In 2021, a total of 444,260 new study permits took effect, an increase from the 400,600 in 2019.

Canada welcomes record 226,450 Indian students in 2022

Liberals mum on Japan's invite to timber treaty

The organization currently includes 37 exporters of timber and 38 countries that import it, including all other G7 states. Canada was among the signatories to the 1983 treaty that originally created the organization, but Stephen Harper's Conservative government pulled out of it in 2013.

Liberals mum on Japan's invite to timber treaty

MPs could expand election interference study

Prime Minister Justin Trudeau said last week that Canadian voters alone decided the last federal election, playing down the suggestion that China tried to unduly sway the outcome. The committee has been studying foreign interference in the 2019 federal election since November.

MPs could expand election interference study

First Nation to release school grave search info

The Tseshaht First Nation is presenting its search results in Port Alberni, B.C., after 18 months of planning and operations at the former site of the Alberni Indian Residential School. Tseshaht Nation officials say children from at least 100 Indigenous communities attended the school when it operated from 1900 to 1973.